Petronas sells stake in LNG 9 for RM2.14b to Thai oil company JV


KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has disposed of a 10% stake in Petronas LNG 9 Sdn Bhd (PL9SB) in Malaysia for US$500mil (RM2.14bil) to Thailand's national company and partner.

According to a statement by Thailand's PTT Exploration and Production Public Company Ltd  (PTTEP) to the Thailand Stock Exchange on Thursday, its subsidiary's JV has acquired the stake.

PL9SB owns the ninth LNG liquefaction train and other related associated facilities located in the Petronas LNG complex in Bintulu, Sarawak with a production capacity of 3.6 million tonnes per annum of LNG. The commercial operations started on Jan 1, 2017.

“The acquisition of equity interest in PL9SB is part of PTTEP’s strategy to synergise with PTT in the integrated LNG value chain to meet the country’s growing energy demand,” PTTEP said.

The stake was acquired by PTTGL Investment Ltd (PTTGLI) – a company set up PTTEP's subsidiary PTT Global LNG Company Limited (PTTGL). PTTGL is a subsidiary of PTTEP, which is a 50:50 joint venture between PTTEP and PTT plc.

PTTEP said on Thursday PTTGLI had signed the share sale and purchase agreement with Petronas to acquire the 10% equity stake in PL9SB.

“The total consideration of the acquisition is approximately US$500mil of which PTTEP’s portion is approximately US$250mil,” it said. Then expected closing date would be within September.

“With the entrance of PTTGLI, the share proportion in PL9SB shall stand at 80%, 10% and 10% owned respectively by Petronas, JXTG Nippon Oil & Energy Corporation (through its subsidiary, Nippon Oil Finance (Netherlands) B.V.) and PTTGLI. 

PTTEP said the US$500mil acquisition cost will be funded by 40:60 debt and equity. 

 

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